Great space! I would love you have you answer a few questions first;
What are the dimensions of the room and placement of doors and windows?
What furniture is staying in the room and what is the size of it?
Would you like to add more furniture?
How much time do you spend in the room?
What do you do in the room? (watch tv, read, write, etc)
How do you want to feel when you walk in? (calm, relaxing, energizing, fun, etc)

The room is 14' x 11'. And there is just a 6'5" x 4' bed at the side along with a small 1'6" x 1'6" side table. Well I'm not sure if there's sufficient room for extra furniture, something like an ottoman would be nice though. And I spend quite a good amount of time in the room, but no tv, reading at times. And i want the room to be pretty energetic/fun. I've attached couple of more shots of the room.

Yes the ceiling is high at a point. Makes the room feel quite airy i feel. I will attach some more pictures to give you an idea about the doors, windows and cupboards.

Can you move the bed to the wall where you currently have the picture? so put the headboard on the picture wall. Find a picture that is bigger and put the small end table of either side of the bed. Put a small chair with maybe an ottoman in the corner where the bed originally was. The curtains need to go to the floor. Find a comforter in colours you like then paint the walls a medium tone. You could even put a white comforter with a dark grey throw at the end of the bed and then paint the walls a medium grey.

Yes, moving the bed under the picture wall would be good, and provide space for a chair and ottoman as you mentioned. And i have actually put a new set to curtains today which is a slight brown colored one. And I was thinking about painting the walls with the picture and the one with cupboards in a dark red shade and the adjacent walls something between off white to cream color. I plan to change the floor tiling too, but not at the moment. I've been thinking of making it a wooden flooring. But not sure what color to use.

These are my old ones. I put it back now.

How do you feel about this furniture plan? Let me know if anything needs to be tweaked or added! We think a red would look nice in the room, what shade were you thinking of going with? Also, hardwood floors would be beautiful! Since the room will be painted before you plan on changing the flooring...you'll have plenty of time to find a wood that looks good with the shade of red and off white/cream you plan on using.

How about the concept of less is more and leaving focus on paint color and lighting ? Solid colors for bedding and window treatments ??